PIPER INSTITUTIONAL FUNDS INC
NSAR-A, 1998-05-15
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<PAGE>      PAGE  1
000 A000000 03/31/98
000 C000000 0000893663
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PIPER INSTITUTIONAL FUNDS INC.
001 B000000 811-7320
001 C000000 6123421150
002 A000000 222 SOUTH NINTH STREET
002 B000000 MINNEAPOLIS
002 C000000 MN
002 D010000 55402
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  1
007 C010100  1
007 C020100 INSTITUTIONAL MONEY MARKET FUND
007 C030100 N
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
010 A00AA01 PIPER CAPITAL MANAGEMENT INCORPORATED
010 B00AA01 811-20165
010 C01AA01 MINNEAPOLIS
010 C02AA01 MN
010 C03AA01 55402
011 A00AA01 PIPER JAFFRAY INC.
011 B00AA01 8-15204
011 C01AA01 MINNEAPOLIS
011 C02AA01 MN
011 C03AA01 55402
012 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
012 B00AA01 85-00535
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
012 C04AA01 1716
012 A00AA02 PIPER JAFFRAY INC.
<PAGE>      PAGE  2
012 B00AA02 85-15204
012 C01AA02 MINNEAPOLIS
012 C02AA02 MN
012 C03AA02 55402
012 A00AA03 PIPER TRUST COMPANY
012 B00AA03 84-00000
012 C01AA03 MINNEAPOLIS
012 C02AA03 MN
012 C03AA03 55402
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 MINNEAPOLIS
013 B02AA01 MN
013 B03AA01 55402
014 A00AA01 PIPER JAFFRAY INC.
014 B00AA01 8-15204
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 C04AA01 1716
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
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019 C00AA00 PIPERCAPIT
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022 A000003 ABN AMRO
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022 A000004 FIRST BOSTON
022 B000004 13-5659485
<PAGE>      PAGE  3
022 C000004    243151
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022 A000006 LEHMAN BROS
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022 A000009 BA SECURITIES
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022 A000010 CHASE SECURITIES
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<PAGE>      PAGE  4
054 G00AA00 Y
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008 A000101 PIPER CAPITAL MANAGEMENT INCORPORATED
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008 C000101 801-20165
008 D010101 MINNEAPOLIS
008 D020101 MN
008 D030101 55402
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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070 G020100 N
070 H010100 N
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070 I020100 N
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070 K020100 N
070 L010100 N
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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SIGNATURE   JON LILLEMOEN                                
TITLE       ACCOUNT ASSOCIATE   
 


<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1998
<PERIOD-END>                               MAR-31-1998
<INVESTMENTS-AT-COST>                        366553141
<INVESTMENTS-AT-VALUE>                       366553141
<RECEIVABLES>                                  1150050
<ASSETS-OTHER>                                   23053
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               367726244
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      1553194
<TOTAL-LIABILITIES>                            1553194
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     366173050
<SHARES-COMMON-STOCK>                        366173050
<SHARES-COMMON-PRIOR>                        277453990
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                 277453990
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                             14759364
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  820419
<NET-INVESTMENT-INCOME>                       13938945
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                         13938945
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      7982275
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     1103714310
<NUMBER-OF-SHARES-REDEEMED>               (1022295724)
<SHARES-REINVESTED>                            7300474
<NET-CHANGE-IN-ASSETS>                        88719060
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 453913
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<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                    .03
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                               .03
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                    .30
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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